February 25, 2024

ApeCoin and Bored Ape Yacht Club (its supporting non-fungible token (NFT) collection) have seen rough times lately. For instance, APE hovers massively lower from its ATH. Also, BAYC has had its sales volume in the red, surrendering the top spot to CryptoPunks.

Nevertheless, it appears it’s time for the Bored Ape Yacht Club community and APE holders to celebrate. Data from Coinmarketcap shows APE’s daily price has surged 14,15% from July 27. This surge represents the alt’s highest 1-dau surge between July and June. While publishing this blog, APE had its price move around the $6.54 mark.

The Bonding Trend

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Also, Bored Ape Yacht Club noted a surge in 24hr trading volume. While writing these lines, NFTGo recorded a 9.64% surge to $1.03 million. BAYC’s floor price followed the rise, gaining 0.98%with minimum worth near 80.73 Ether. The collection had seen several lows before now. Its market capitalization declined by 4.15% within the last seven days to $1.87. Moreover, its monthly volume plummeted by 42.56%. Now, the latest boom could be a relief for NFT investors.

Meanwhile, APE saw a massive increase in 24hr volume. The surge has been crucial for the price surge. While publishing this post, the metric hovered at $715.63, following a 72.82% surge. That saw addresses that purchased non-fungible tokens within the ApeCoin network booming (Santiment data).

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These metrics show APE might retain its bullish strength for now. However, it could be early for such conclusions. That’s why evaluating technical indicators is crucial.

Price Analysis

The 4hr chart indicated that ApeCoin is still sturdy as the 20 Exponential Moving Average stays beyond the 50 Exponential Moving Average. Also, the RSI (Relative Strength Index) appeared to have kept similar strength. While writing this content, it read at 60.52. That showed buyers dominating sellers.

Therefore, BAYC HODLers and APE investors could enjoy an extended phase of profits. However, attaining their ATH might appear challenging as the NFT and crypto markets have refrained from hitting their highest level. Moreover, investors should beware of a few selling signals from the indicators’ standpoint.

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